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Las Vegas, NV Market TrendsBETA

Nevada

Las Vegas

UPDATE

Sales Trends

• Asking Prices
• Sale Prices
• Total $ Available For Sale (Supply)
• No. of Listings (Supply)
• Profile Views (Demand)
• No. of Units (Supply)
• Total SF Available (Supply)
• Days on Market

UPDATE

Lease Trends

• Asking Rents
• No. of Spaces (Supply)
• Profile Views (Demand)
• Total SF Available (Supply)
• Days on Market

UPDATE

Property Type

• Multifamily
• Office
• Industrial
• Retail

Looking for more information on sold properties? Get the critical details you need on recent commercial property transactions days after the close of sale.

Find Sales Comps

Multifamily Property Asking Price Index - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	$45,951.94	-4.2%	-17.8%
- Metro	$39,129.55	-5.8%	-22.1%
- County	$39,865.56	-5.7%	-22.7%
- City	$39,288.00	-7.0%	-28.8%

The average asking price for multifamily properties in the metro area for the month was $39,129 per unit. This is down 22.1% from the previous year, and down 1.9% from the end of the third quarter of 2011. This month, asking prices for multifamily properties are at their lowest in three years. Prior to this, the record three-year low was last month at $39,874. The three-year high for asking prices was set in November 2008 at $86,681.

Office Property Asking Price Index - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	$121.01	-3.8%	-19.3%
- Metro	$113.52	-2.3%	-17.6%
- County	$115.60	-1.7%	-16.7%
- City	$123.14	+1.7%	-13.5%

For office properties in the metro area for the month, the average asking price was $113.52 per square foot. This shows a drop of 17.6% year-over-year, and a decline of 0.7% from the end of the third quarter of 2011. Asking prices for office properties are the lowest they have been in three years. The previous three-year low was $114.36, set last month. The three-year high for asking prices is $255.37, set in November 2008.

Industrial Property Asking Price Index - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	$81.39	-2.7%	-16.7%
- Metro	$90.03	-4.5%	-16.3%
- County	$91.19	-4.6%	-15.8%
- City	$96.88	-3.6%	-13.4%

For industrial properties in the metro area for the month, the average asking price was $90.03 per square foot. This is down 16.3% from the previous year, and down 2.5% from the end of the third quarter of 2011. Asking prices for industrial properties are the lowest they have been in three years. The previous three-year low was last month at $92.37. The three-year high for asking prices is $164.72, which was set in November 2008.

Retail Property Asking Price Index - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	$174.04	-4.0%	+3.7%
- Metro	$190.93	-5.7%	+8.0%
- County	$197.13	-5.7%	+6.4%
- City	$210.61	-6.1%	+3.7%

Asking prices for retail properties hit a three-year peak in November 2008 at $283.24 per square foot. In comparison, the current median asking price is down by 32.6%. The lowest asking price in the past three years was $173.02 set in November 2010.

Multifamily Property Sale Prices - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	$23,068.57	-3.3%	-32.1%
- Metro	$23,068.57	-3.3%	-32.1%

The median sale price of metro multifamily properties has been declining for 33 consecutive months. When the streak began in February 2009, the median sale price was $65,981. The median sale price for this month was the lowest it has been in three years. The previous low was $23,335, which was set in September 2011. Sale prices for multifamily properties in the metro area have fallen 32.1% over the past year to $23,068 per unit.

Retail Property Sale Prices - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	$118.12	-0.2%	-37.4%
- Metro	$118.12	-0.2%	-37.4%

The median sale price per square foot for retail properties in metro area has been falling for two straight months, dropping 1.7% during that time. Earlier this year, the median sale price rose 3.3% during the three-month period ending in July. The highest median sale price over the past three years was $229.11, which was set in December 2008. In comparison, the median sale price is now 48.4% lower. However, the current price is 1.6% higher than the July 2011 figure, which was the three-year low. Retail properties in the metro area are now selling for a median price of $118.12 per square foot, representing a decline of 37.4% from a year earlier.

Multifamily Property Total $ Available For Sale - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	17	-3.0%	+53.1%

The total dollar volume for multifamily properties available in the metro area has fallen for two months in a row month-over-month. The total dollar volume of multifamily properties available in the metro area marks a 53.1% rise in the past year.

Office Property Total $ Available For Sale - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	16	+2.9%	-15.9%

The month-over-month increase in total dollar volume for office properties available in the metro area is in its fourth month. The metro area has seen a decline of 15.9% in total dollar volume of office properties available in the last year.

Industrial Property Total $ Available For Sale - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	28	+0.5%	-3.8%

The month-over-month increase in total dollar volume for industrial properties available in the metro area is in its second month. In the past year, total dollar volume of industrial properties available has fallen by 3.8%.

Retail Property Total $ Available For Sale - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	22	-4.7%	+5.0%

There has been a five month decline in dollar volume for retail properties month-over-month. The total dollar volume of retail properties available in the metro area has risen 5% over the past year.

Multifamily Property No. of Listings - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	25	+5.2%	+35.3%

The number of multifamily properties for sale has seen a month-over-month rise for five consecutive months. The number of multifamily properties available has risen 14.7% over that time. The number of multifamily properties available in the Las Vegas Metro Area has risen 35.3% over the past year.

Office Property No. of Listings - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	33	+1.9%	-9.1%

The number of office properties available in the Las Vegas Metro Area has fallen two months in a row month-over-month. The number of office properties available has dropped 0.3% over that time. The number of available office properties has fallen by 9.1% over the last year in the Las Vegas Metro Area.

Industrial Property No. of Listings - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	29	+2.9%	-12.3%

The number of industrial properties for sale in the Las Vegas Metro Area has been rising four months in a row month-over-month. The number of industrial properties available has risen 4.7% over that time. In the past year, the Las Vegas Metro Area has seen a 12.3% decline in the number of available industrial properties.

Retail Property No. of Listings - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	41	+12.0%	+4.4%

For the past five months, the number of of retail properties for sale has been on the rise month-over-month. The number of retail properties available has risen 17.5% over that time. The number of available retail properties has risen by 4.4% in the Las Vegas Metro Area over the past year.

Multifamily Property Profile Views (Demand) - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	70	+7.4%	+57.7%

Interest in multifamily properties listed in the Las Vegas Metro Area market on LoopNet rose by 57.7% over the past year, 53.3 percentage points above the increase in the national average. This change ranks third out of the top 48 metros. The previous three-year high occurred in May 2011.

Office Property Profile Views (Demand) - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	71	+3.3%	+45.7%

Interest in office properties listed in the Las Vegas Metro Area market on LoopNet rose by 45.7% over the past year, 25.5 percentage points above the increase in the national average. This change ranks fifth out of the top 48 metros. The previous three-year high occurred in August 2011.

Industrial Property Profile Views (Demand) - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	79	+1.8%	+44.9%

Interest in industrial properties listed in the Las Vegas Metro Area market on LoopNet rose by 44.9% over the past year, 22.1 percentage points above the increase in the national average. This change ranks ninth out of the top 48 metros.

Retail Property Profile Views (Demand) - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	51	-4.6%	+17.7%

Interest in retail properties listed in the Las Vegas Metro Area market on LoopNet increased 17.7% during the past year, 0.6 percentage points less than the increase in the national average. This change ranks twenty-fifth out of the top 48 metros.

Office Property Total SF Available - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	35	+2.5%	+0.4%

The month-over-month rise in available square footage for sale for office properties is now in its sixth month. The square footage available for sale for office properties in the metro area has risen 0.4% over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate.

Industrial Property Total SF Available - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	46	+5.7%	+3.2%

Over the past seven months, industrial properties have seen a steady increase in available square footage for sale in the metro area. The square footage available for sale for industrial properties in the metro area has risen 3.2% over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards.

Retail Property Total SF Available - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	40	+0.5%	+20.9%

The square footage available for sale for retail properties have been on the rise month-over-month for three consecutive months. The square footage available for sale for retail properties in the metro area has risen 20.9% over the past year. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

Multifamily Property No. of Units For Sale - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	32	-3.2%	+70.4%

For the past two months, available units for sale has declined month-over-month for multifamily properties. There has been a 70.4% increase in the number of units available for sale over the past year in the metro area. The rise in supply, combined with the drop in days on market, makes it seem that market conditions are bringing buyers back in. The rise in supply also seems to be putting downward pressure on sale prices, which could be why they have fallen lately.

Multifamily Property Days on Market - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	123	+6.9%	-26.7%
- Metro	87	+26.9%	-16.9%

Multifamily properties in the Las Vegas Metro Area are turning over more quickly compared to last year, as the time on market dropped 16.9% to 87 days. During the same time period, the time on market for these properties at the state level has fallen even more as a percentage, by 26.7%, to 123. Metro days on market is down 57.4% from its highest point in April 2010. The time on the market of multifamily properties has now increased 40.9% for the past four months.

Office Property Days on Market - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	220	+14.2%	+8.2%
- Metro	164	+8.6%	+0.9%

The days on market for office properties in the Las Vegas Metro Area has increased year-over-year, and this change is smaller than that on the state-level overall. Properties now take 164 days before turning over, which is 0.9% longer than the same month last year. From November 2009, when the time on market was at its highest, it has fallen 33.7%. The time that office properties stay on the market has risen 12.7% over the past four months.

Industrial Property Days on Market - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	211	+4.5%	-30.2%
- Metro	176	-2.0%	-38.7%

Industrial properties in the Las Vegas Metro Area stay on the market for 176 days, which is 38.7% shorter than last year. Over the same period, days on market in Nevada overall has fallen by 30.2%. When put next to the highest days on market established in July 2010, it has now decreased 49.5%.

Retail Property Days on Market - Sale Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	159	+7.9%	-11.2%
- Metro	122	+18.7%	-27.2%

The time on market for retail properties in the Las Vegas Metro Area is down 27.2% from last year, to 122 days. Overall in Nevada the time on market has dropped by 11.2% during the same time period. When put next to the highest days on market established in May 2010, it has now decreased 55.5%. Days on market for retail properties has been on an upward climb over the past four months.

Office Property Asking Rent - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	$15.44	-1.8%	-7.4%
- Metro	$15.64	-1.9%	-7.8%
- County	$15.72	-1.8%	-7.6%
- City	$16.08	-1.9%	-6.5%

The average asking lease rate for office properties in the metro area for the month was $15.64 per square foot. This represents a decrease of 7.8% year-over-year as well as a decrease of 1% compared to the end of the third quarter of 2011. Lease rates for office properties have fallen to a new three-year low this month. The previous three-year low was $15.79, set last month. The three-year high for asking lease rates is $20.66, set in November 2008.

Industrial Property Asking Rent - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	$5.93	-4.4%	-11.7%
- Metro	$5.98	-4.9%	-14.0%
- County	$6.01	-4.8%	-13.9%
- City	$6.41	-4.7%	-14.6%

For industrial properties in the metro area for the month, the average asking lease rate was $5.98 per square foot. This is down 14% from the previous year, and down 2.4% from the end of the third quarter of 2011. This month, lease rates for industrial properties are at their lowest in three years. The previous three-year low was last month at $6.13. The three-year high for asking rates was set in December 2008 at $9.34.

Retail Property Asking Rent - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	$14.85	-0.9%	-12.0%
- Metro	$14.68	-0.8%	-14.1%
- County	$14.81	-1.0%	-14.5%
- City	$14.78	-1.0%	-13.1%

For retail properties in the metro area for the month, the average asking lease rate was $14.68 per square foot. This represents a decrease of 14.1% year-over-year as well as a decrease of 0.3% compared to the end of the third quarter of 2011. Asking lease rates for retail properties have fallen to a new three-year low this month. The previous three-year low was $14.72, set last month. The three-year high for lease rates is $25.54, set in November 2008.

Office Property No. of Spaces - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	56	+5.3%	+9.0%

Available office spaces for lease have been on the rise for the past four months. The number of office spaces available has risen 7.7% over that time. The Las Vegas Metro Area has seen a 9% rise in the number of available office spaces over the past year.

Industrial Property No. of Spaces - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	69	-1.6%	+1.4%

The number of industrial spaces available in the Las Vegas Metro Area has fallen six months in a row month-over-month. The number of industrial spaces available has dropped 4.8% over that time. The current number of industrial spaces available in the Las Vegas Metro Area reflects a 1.4% increase over the past year.

Retail Property No. of Spaces - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	59	+3.1%	+21.2%

This is the twelfth consecutive month of an increase in retail spaces for lease in the metro area. The number of retail spaces available has risen 21.4% over that time. Available retail spaces in the Las Vegas Metro Area rose to a new three-year high in October. The Las Vegas Metro Area has seen a 21.2% rise in the number of available retail spaces over the past year.

Office Property Profile Views (Demand) - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	97	-0.4%	+41.6%

Interest in office properties listed in the Las Vegas Metro Area market on LoopNet increased 41.6% during the past year, which was 9.3 percentage points more than the increase in the national average. This change ranks fourteenth out of the top 48 metros.

Industrial Property Profile Views (Demand) - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	116	-4.3%	+39.5%

Interest in industrial properties listed in the Las Vegas Metro Area market on LoopNet increased 39.5% during the past year, 8.2 percentage points more than the increase in the national average. This change ranks nineteenth out of the top 48 metros.

Retail Property Profile Views (Demand) - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	110	-1.8%	+51.9%

Interest in retail properties listed in the Las Vegas Metro Area market on LoopNet rose by 51.9% over the past year, 25.5 percentage points above the increase in the national average. This change ranks first out of the top 48 metros.

Office Property Total SF Available - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	60	+5.9%	+14.8%

The square footage available in the metro area has been on the rise over the past five months for office properties. October saw a new three-year high in square footage available in the metro area. Square footage available was at its previous highest in July 2009. The square footage available for office properties in the metro area has risen 14.8% over the past year.

Industrial Property Total SF Available - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	71	-1.4%	-9.2%

The square footage available for industrial properties have been on the rise month-over-month for two consecutive months. The square footage available for industrial properties in the metro area represents a 9.2% decline over the past year.

Retail Property Total SF Available - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- Metro	55	+3.4%	+17.4%

Over the past four months, retail properties have seen a steady increase in available square footage in the metro area. The square footage available in the metro area reached a new three-year high in the month of October. Previously, square footage available was at its highest point in September 2011. Retail properties in the metro area have seen a 17.4% rise in the average available square footage over the past year.

Office Property Days on Market - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	231	-3.1%	-12.3%
- Metro	203	-5.0%	-14.9%

Days on market for office properties in the Las Vegas Metro Area fell 14.9% from last year, to 203 days. At the state level, time on market has fallen by 12.3% during the same time period. Metro days on market is down 28.8% from its highest point in June 2010.

Industrial Property Days on Market - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	207	-1.3%	-35.9%
- Metro	195	-3.2%	-44.9%

The time on market for industrial properties in the Las Vegas Metro Area is 195 days, down by 44.9% from last year. Overall in Nevada the time on market has dropped by 35.9% during the same time period. From September 2010, when the time on market was at its longest, it has come down 46.6%.

Retail Property Days on Market - Lease Trends

	Oct 11	vs. 3 mo. prior	Y-O-Y
- State	222	-3.9%	-28.5%
- Metro	207	-4.2%	-28.5%

Retail properties in the Las Vegas Metro Area are turning over faster than the same time last year, as the days on market slid 28.5% to 207 days. In Nevada overall, the time on market fell even more as a percentage, by 28.5%, to 222. Compared with February 2010, when days on market was at its highest, they've now fallen 38.2%.

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